Washington Trust Bank Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Washington Trust Bank grew its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,054 shares of the software company's stock after acquiring an additional 6,698 shares during the quarter. Adobe accounts for about 1.7% of Washington Trust Bank's holdings, making the stock its 18th largest position. Washington Trust Bank's holdings in Adobe were worth $16,896,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new position in shares of Adobe during the fourth quarter valued at $2,553,035,000. GAMMA Investing LLC boosted its stake in shares of Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Two Sigma Advisers LP raised its holdings in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Adobe in the 4th quarter valued at $365,750,000. Institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Robert W. Baird upped their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Mizuho dropped their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. Citigroup decreased their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $10.45 during midday trading on Wednesday, hitting $371.79. The company's stock had a trading volume of 2,029,638 shares, compared to its average volume of 3,431,331. The business's 50 day simple moving average is $396.48 and its 200 day simple moving average is $407.17. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $157.71 billion, a P/E ratio of 23.76, a price-to-earnings-growth ratio of 1.79 and a beta of 1.51. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $4.48 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.